Windsor Brokers - Short Term Technical Analysis for Majors (14:00 GMT)

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EUR/USD

Continues to trend lower, following an upside rejection of the recovery attempt off 1.2142, at 1.2671 on 21 May. Break of series of supports and the latest fall under 1.2200 level, now exposes 1.2142/34 19 May low / 50% retracement of the long-term 0.8225/1.6039 ascend. 1.2415 caps for now.

Res: 1.2295, 1.2323, 1.2355, 1.2415
Sup: 1.2142, 1.2134, 1.2115, 1.2100





GBP/USD

Upside rejection at 1.4527 seen yesterday, may signal the end of the corrective phase off the recent 1.4230/50 lows. The recent break under 1.4351 support sparked fresh weakness, reaching 1.4257 so far. Corrective bounce is now under way, ahead of fresh attempt at 1.4230 and lower, to create fresh yearly lows. Only regain of 1.4527 will improve the outlook.

Res: 1.4422, 1.4462, 1.4500, 1.4527
Sup: 1.4250, 1.4230, 1.4200, 1.4155




USD/JPY

Completed a 3 day negative continuation formation that now signals a fresh decline to 89.21/88.95 ahead of 88.35, trendline off Nov 2009 low. Potential break here risks a significant medium-term weakness. Only break above 90.31/60 would neutralize immediate bears.

Res: 89.92, 90.31, 90.60, 90.93
Sup: 89.21, 88.95, 88.35, 87.95





USD/CHF

Structure remains solid as the market climbs to challenge a long-term falling trendline at 1.1785. Current push above last weeks 1.1584 high now has cleared 1.1675, opening way towards 1.1785, key trendline resistance. 1.1550 offers initial support and break below here would delay bulls.


Res: 1.1700, 1.1725, 1.1742, 1.1785
Sup: 1.1580, 1.1550, 1.1511, 1.1449